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The Week In Numbers for the Week Ending 09-16-2016

         Each week, we strive to provide you a bare bones summary of what happened to the price of WTI, Natural Gas, and Brent Crude. In addition, we summarize the major reports from Genspace, API, and EIA on Inventory Data. And we also throw in the rig count for good measure.

WTI Open on September 12, 2016 $45.57
Brent Open on September 12, 2016 $42.96
   
Brent as on September 16, 2016 $47.81
Natural Gas Open on September 12, 2016 $45.81
   
Natural Gas Open on September 12, 2016 $2.820
NG as of 12:00 PM on September 16, 2016 $2.917

 

         On September 12, 2016, Genscape released Cushing Inventory data for the prior week. Cushing is the largest oil storage tank in the world, and is the settlement point for crude oil futures traded on the New York Mercantile Exchange. According to Genscape, inventory decreased 1.2 million barrels at the Cushing settlement point for the week ending September 09, 2016.

         On September 13, 2016, API reported its weekly inventory data for the prior week. According to API, U.S. Crude inventories increased a a modest 1.44 million barrels. Tis was less than expected, but follows a draw of over 12 million barrels. However, that draw was attributable to a decline in imports as storms forced tankers to divert or anchor at sea. Gasoline inventories decreased by 2.4 million barrels. Distillates increased by 5.3 million barrels, the largest build in eight months.

On September 14, 2016, the Energy Information Administration released weekly data for the prior week.   The EIA weekly report, included the following important notes:

- U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending August 19, 2016, about 200,000 barrels per day less than the previous week’s average. Refineries are operating at 92.9% capacity.

- U.S. Crude imports averaged about 8.1 million barrels per day last week, up by 993,000 barrels per day from the previous week. But again, this largely reflects a delay caused by weather related issues. However, the four week average of 8.2 million barrels per day is 10% greater than the same period last year.

- U.S. commercial crude inventories decreased by 0.6 million barrels At 510.8 million barrels, U.S. crude oil inventories remain at historically high levels fro this time of year. Total motor gasoline inventories increased by 0.6 million barrels last week, and are well above the upper limit of the average range.

          On September 15, 2016, the Energy Information Administration released weekly data for the prior week for natural gas storage. Working gas in storage was 3,499 Bcf as of Friday September 09, 2016. This represents a net increase of 62 Bcf from the previous week. This is well below the typical build for this time of the year, indicating that natural gas markets may be moving into balance.

          On Friday, September 16, 2016 Baker Hughes released the weekly rig count data. The U.S. oil rig count rose by 2 to 416. The gas rig count fell by 3 to 89, and miscellaneous rigs fell by 1, taking the total up to 506. This means that the total rig count actually decreased fell by 2.

 

By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

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Ty's Take For Week Ending September 16, 2016